By 2032, it is anticipated that the market for mobile broadband modems would be worth US$ 48.0 billion. From 2022 to 2032, it is projected to exhibit a moderate CAGR of 9.9%. In 2022, the market was valued at over US$ 18.6 billion.
More people than ever before have started working from home or other remote locations over recent years. This has accelerated the trend toward remote work. Mobile broadband modems offer a dependable method for remote employees to maintain an internet connection and access corporate systems & apps from any location.
Consumers and organizations can now use the internet more affordably thanks to the recent sharp decline in the price of mobile data. As more people can nowadays afford the price of data plans and equipment, it has contributed to growth in the mobile broadband modem industry.
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In the years following the pandemic, about 80% of people are working from home at least three times per week, up from the 52% who did so before the outbreak.
Around the world, 16% of businesses now allow employees to work permanently from home. Sales of mobile broadband modems are anticipated to rise over the assessment period as remote work expands globally.
Applications involving the internet of things (IoT) frequently use mobile broadband modems. Wireless networks are often used to link IoT devices to the internet. These gadgets can be connected to the internet in a dependable and adaptable manner using mobile broadband modems.
In remote or difficult-to-reach areas without fixed-line broadband connections, these modems can also be employed for IoT applications. In the event of a primary internet outage, these can be utilized in IoT to provide a backup internet connection.
Mobile broadband modems can be crucial for internet of things (IoT) applications that need constant communication, including security systems or industrial monitoring software.
In 2019, there were around 8.6 billion IoT connected devices; by 2022, there will be over 13 billion connected devices. By 2030, it is anticipated that there will be about 29 billion linked IoT devices worldwide. Mobile broadband modem demand is anticipated to soar due to rising IoT demand globally.
Key Takeaways from Mobile Broadband Modem Market Study:
- The global mobile broadband modem market exhibited a CAGR of 13.1% from 2017 to 2021.
- The United States mobile broadband modem industry is expected to be worth US$ 7.6 billion by 2032.
- The United Kingdom mobile broadband modem industry is set to reach a valuation of US$ 1.3 billion in 2032.
- The standalone mobile broadband modem by type is likely to broaden at a CAGR of 9.8% from 2022 to 2032.
- Based on application, the business segment is predicted to accelerate at a CAGR of 9.6% from 2022 to 2032.
“More people are adopting mobile data services to access the internet while on the go as a result of the widespread use of mobile devices such as smartphones and tablets. There is now a higher need for mobile broadband modems that can offer dependable and quick internet connectivity, presenting growth opportunities to manufacturers.” – says a lead analyst at Future Market Insights (FMI)
Competitive Landscape
To stay ahead of the competition, key businesses are investing in enhancing the speed and dependability of their products. It involves upgrading hardware & software, network technology optimization, and signal reception.
A few other businesses are collaborating with neighborhood groups to broaden their market reach and provide customers with more benefits. To develop complete solutions, it involves working with internet service providers, hardware manufacturers, and software firms.
For instance,
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In February 2023, ArcelorMittal France announced the implementation of 5G Steel, which is the most extensive 4G/5G network in an industrial setting, in collaboration with Orange Business Services and Ericsson. The initiative, which is part of the France Relance plan to stimulate the economy, has been launched, and is now facilitating the implementation of initial industrial use cases at the ArcelorMittal site.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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